Zurich House, Leeds

Zurich House is located within Leeds City Centre, just 500 metres south of the railway station. The nearby Granary Wharf development boasts a variety of residential apartments, restaurants and pubs.

Leeds is the principal commercial centre for Yorkshire and the main financial and business location for the north east of England. The city is located approximately 195 miles north of London and 44 miles north east of Manchester with direct links to the M1, M62 and A1 motorways.

The property was constructed in 1994 and is arranged over basement, ground and 1st floor. The construction is of steel frame design with brick elevations incorporating attractive stonework detail beneath a pitched tile roof. The tenant has installed comfort cooling in part. The property is let in its entirety to Zurich Assurance Limited. The original term was for 24 years commencing in December 1995. The tenant entered into a reversionary lease in December 2002, expiring in December 2027. Zurich Assurance Limited is in part occupation of the property; the tenant has sub-let part of the ground floor and part of the 1st floor to Information Technologies Limited until December 2020. An element of the property is vacant.

During 2022 NPVI commenced a Town Planning application for a 23 storey 207 unit Buy to Rent scheme on Zurich House, Leeds. The process will take approximately 18 months during which time the current head lease to Zurich Insurance will be unaffected and still provide the full ongoing rental. Initial feasibilities indicate a residual land value of over £9m for the scheme (once approved) against an acquisition price for the property of £5.85m in 2017. All Town Planning costs and associated fees will be funded through existing and retained cash resources.